The Entries That Transfer the Balances of the Temporary Owner's

question 29

Multiple Choice

The entries that transfer the balances of the temporary owner's equity accounts to the permanent owner's equity account are called

• A) adjusting entries.
• B) closing entries.
• C) reversing entries.
• D) general journal entries.

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Definitions:

Operating Efficiency

A measure of how effectively a company uses its assets to generate revenue, often reflected in the ratio of operating income to total assets.

Full-Employment Economy

An economic condition in which virtually all who are able and willing to work are employed.

Network Structures

refer to the arrangement of connections and relationships between individuals, groups, or institutions, often used to describe organizational or social networks.

Delegation

The process of assigning responsibility and authority to subordinates to complete a task, while maintaining accountability for the outcome.